2/5Andrea Orcel
The chief executive of UBS’s investment bank appeared before the Parliamentary Commission on Banking Standards this week, and conceded that the industry had “got probably too arrogant” before the financial crisis. Orcel was quizzed on how he is going about improving the culture at the bank, which has been rocked by scandals including Libor-rigging and the fraudulent activities of Kweku Adoboli. Orcel admitted that the process was “not like flicking a switch” but argued that the bank had made progress in rooting out “negative elements”.

People in the news this week

Andrea Orcel and former UBS chiefs faced the UK's Parliamentary Commission on Banking Standards, Jack Lew was nominated as the next US Treasury Secretary and John Paulson's European fund announced a collapse in profits